Look at Africa for profits and not for control, Museveni cautions EU

President Yoweri Kaguta Museveni has advised the European Union (EU) leaders to focus on doing business in Africa rather than attempting to control political landscapes. Speaking at the 3rd Uganda-European Union Business Forum 2024, President Museveni emphasized the importance of separating politics from business and urged European governments to cease mixing the two. He highlighted that businesses should prioritize profitability and encouraged the EU to engage in serious dialogue with Africa to create more business opportunities for mutual benefit.

Furthermore, President Museveni cautioned against exploitation and unfair labor division by western powers, emphasizing the detrimental effects of exporting raw materials without value addition. He cited examples like coffee production, where African countries receive a fraction of the global value compared to the processed product.

“Therefore when you are talking about businesses ,you should look at the level of profitability of businesses in this part of the world compared to Europe, Asia and other investment destinations,” President Museveni expounded.

The President stressed the need for a fair distribution of labour and called for initiatives to promote global affluence, which would benefit businesses worldwide.

In welcoming European companies to invest in Uganda, President Museveni emphasized the strategic importance of such investments for both parties. His remarks were echoed by H.E Jan Sadek, the Ambassador of the European Union to Uganda, who highlighted the numerous trade opportunities available to both Ugandan and European companies.

During the forum, several agreements were signed to boost investment opportunities between Uganda and European companies. These initiatives include projects such as Green and Decent Jobs for Youth, Advancing Respect for Business and Human Rights, and support for the Agricultural Revitalization and Transformation facility, among others.

These partnerships aim to enhance employment, promote human rights, and support the growth of agribusiness in Uganda, demonstrating the commitment of both Uganda and the EU to fostering economic development and prosperity.